Tag: Limits

Reverse Mortgage Loan Limits Remain In Place At Least until End of the Year

Reverse Mortgage Loan Limits Remain In Place At Least until End of the Year

Seniors counting on securing the most money they can from a reverse mortgage need to act now while interest rates are low and loan limits are high, according to Jim Cory from Legacy Reverse Mortgage.

The amount of cash available to homeowners through a reverse mortgage is limited by federal regulations. For now, the Federal Housing Administration (FHA) has decided to leave the limit at $ 625,500, but industry experts believe that could change come next year.

In response to the financial crisis, the FHA raised the maximum amount a reverse mortgage borrower’s property value could be calculated at from $ 417,000 to the current level in February 2009. FHA officials had previously announced that loan maximums would revert back to pre-February levels on October 1, 2011.

However, they now say the higher limit will likely remain in place at least through the end of the year.

October 1 is the beginning of the government’s fiscal year. Historically, officials make changes to many programs effective that day. So there is a possibility for seniors counting on maximizing the amount of money they can receive could be in for a disappointment if they wait too long.

Many industry experts expect to see a number of changes from FHA in the next six to twelve months.

These same industry experts believe that by acting now while interest rates are at records lows, reverse mortgage borrowers will maximize their options.

Regulatory uncertainty is only one factor driving seniors to consider locking in a reverse mortgage sooner rather than later. Low interest rates allow homeowners to unlock the most equity from their homes, while 10-year Treasury notes, a key industry benchmark rate, sit at historic lows.

In many areas, home values are continuing to decline. Since reverse mortgages limits are contingent on property appraisal amounts, borrowers are looking to lock in higher values before the real estate market gets potentially any worse.

The industry is doing all it can to help keep the higher loan limits so that seniors can get the most benefit from their homes.

Peter Bell, president of the National Reverse Mortgage Lenders Association has said, “We’re glad to see FHA take this interim step. It eliminates uncertainty for loan applicants who might have been concerned about not getting their loans before the limits possibly dropped.”

The focus now, according to Peter, will be on persuading HUD and lawmakers to retain the higher limit beyond calendar year 2011.

Since loan limits vary in some parts of the country, it’s also important that seniors considering a reverse mortgage contact a loan specialist to learn about the specific benefits available for their unique situation.

If you’re a California senior interested in learning more about securing the most money your home equity can afford you through a reverse mortgage, please take a moment today to call and speak with a Legacy Reverse Mortgage representative by dialing (800) 991-4613.

Legacy Reverse Mortgage offers Senior Reverse Mortgage services in California. If you’re a California senior interested in learning more about securing the most money your home equity can afford you through a reverse mortgage, please take a moment today to call and speak with a Legacy Reverse Mortgage representative by dialing (800) 991-4613.

File a Successful Claim Within Time Limits

File a Successful Claim Within Time Limits

Nobody wants to get the entry of inconvenient and scary events in their life. Even the name of the accident carries bad expression. The term claim is in consideration when the two parties disagreed at the time of unfortunate circumstances. The insured party can comfortably put their complaint with their respective agents. The process of filing the claim against another group insurance company is the form of compensation request. The claim process covers the physical as well as personal damage to the people. The particular method demands immediate action as soon as possible. Otherwise the no win no fee claims method is applied to the unsuccessful practice. The overall success and amount of compensation award is based on the claimant’s injury that includes physical, psychological and financial loses.
The major aim behind such excellent work is to provide the relief from physical injuries as well as from the financial problems. The financial pressure comparatively offers much higher load that insists the person to back to the work too early. The condition will anytime get the worst form. Such people really deserve to get the award in the form of compensation at proper time to get the full recovery. The process of claiming is varies from accidental, personal injury and compensation. The expected process needs the step by step procedure at all the unique processes. The person will get the number of excellent servers that works as per their expectations. The effortless claiming process firstly needs a notification process either from telephone or online service.
The person has to report the accidental process to their broker, agent or insurance company within the seven days. The course of action demands some basic details that are mandatory to speed up the process. The number of the insurance policy and name of the registered owner’s company is the top most important task. The further details like model, registration, year, license plate number and details of accident provide the clear specification. The accident details include the date, time, location, extent of injuries and total number of passengers. The no win no fee claims method rules without the description of accident. With the initial step of claiming there is a claim adjuster is assigned to the file to comfortably handle the overall process.
The person has to fill a claim form in the shape of proof or supportive statement. The claims adjuster will conclude the extent to which claim is covered by the insurance policy. The servers provide the proper guidance for the appropriate task at each step and they comfortably explain the coverage that is provided by the policy. In such processes the insurance companies firstly determines the degree of fault that is assigned to each party. The way explains the exact property damage coverage that applies to the accident. There are specific fault determination rules are made under the insurance act that determines the actual fault. Such rules are helpful for insurance companies to handle the claims and consistent treatment. At that time the insurance companies pay their attention on the cost to repair the loss or damage and actual cash value.

If you are injured in an accident, make a Accident Claims for compensation with expert assistance and sympathetic advice from the professionals at Claimmanager.

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